An objective refers to a desired goal, outcome or specific result that an organisation intends to achieve. Large-scale organisations set objectives so as they are able gradually improve their performance and have a benchmark to work towards.
For an objective to be effective it should meet several criteria specifically following the SMART principle. The SMART principle refers to ensuring that objectives are specific, measurable, attainable, realistic and time-bound.
A Specific Goal is distinct and defines as much of the goal as possible and contains no ambiguous language. A Measurable goal ensures that a form of measurement is present, which will gives the feedback and allows the organisation to know when the goal has been completed. An attainable goal is one that it is possible for the organisation to achieve. A realistic goal is challenging for an organisation to achieve within the given timeframe but is still attainable. A Time-Bound goal involves a time-frame being set that is aggressive yet realistic.
It is important for goals and objectives to be appropriately challenging, whilst still realistic so that employees are still motivated to work towards achieving them. It is also essential that the objective to be achieved is measurable, so that the organisation can determine the progress that has been made towards achieving these goals and what still needs to be done.
Strategies refer to the steps that an organisation is going to undertake in an attempt to achieve this objective. It is the outline of what the organisation is doing to achieve the specific objective.
A successful LSO ensures that they have a range of different strategies to achieve their objectives. It is essential for LSOs to ensure that their objectives and strategies are linked.
The key difference between objectives and strategies is that objectives are what the organisation wants to achieve, whereas strategies are how the organisation goes about achieving its objectives.
It is the responsibility of the Top Level Management of an LSO to create the organisation’s vision, mission and values statement.
The main purpose of the mission, value, and vision statements of an organisation is to guide and direct the organisation’s owners, managers and employees. These statements are usually published to the wider community, outside the organisation. Organisations can do this by publishing in annual reports and on their websites.
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